EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday, break above the rising wedge formation as you can see on my daily chart below. This fact confirms the bullish continuation scenario which is started after price break above the falling wedge on June 14 targeting 1.3340. Immediate support at 1.3115 area. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
GBPUSD Forecast:
The GBPUSD also had a significant bullish momentum yesterday. Not only my short and medium term technical outlook are in bullish mode, but I think now is also the time to think about the long term outlook where the bullish power seems ready to test the trendline resistance (white). Nearest bullish target around 1.6000/50 while weekly bullish target is seen around 1.6150. Immediate support at 1.5815. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 86.87. Break above that area could trigger further upside recovery testing 87.50 and the trendline resistance area but I still prefer short on rallies strategy at this phase. Initial support at 85.96. Break below that area could continue the bearish pressure testing 84.82 region.
USDCHF Forecast
The USDCHF was volatile but indecisive yesterday. On h4 chart below we can see price is now struggling around the 1.0399 support area. The bias remains neutral in nearest term but still within a major bearish scenario. Nearest bearish target remains at 1.0320 before testing 1.0220. Immediate resistance at 1.0500. Break below that area could diminish the bearish pressure and activates my wait and see mode.
EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday and now back above 113.50. The bias is bullish in nearest term testing 115.50. Immediate support at 113.50. Break below that area could lead us into neutral zone in nearest term but overall the upside correction scenario which started from 107.49 remains intact.
GBPJPY Forecast
The GBPJPY continued its bullish correction yesterday after corrected lower since Wednesday last week. This fact could continue the upside pressure in nearest term testing 139.50 area. Immediate support at 136.30. Another movement back below that area could lead us into no trade zone as direction would become unclear.
AUDUSD Forecast
The AUDUSD continued its bullish momentum yesterday, topped at 0.9145 but traded lower earlier today in Asian session after worse that expected Building Approval and Retail Sales number, push the price back inside the rising wedge, messing up my nearest technical outlook. The bias is neutral in nearest term but the major bullish scenario remains intact. Immediate support at 0.9050 – 0.9000. Initial resistance at 0.9145. Break above that area could continue the bullish momentum testing 0.9230 area. Pay attention to the RBA rate decision and statement today.
Labels: Forex Analysis, forex signal, Forex Trend
